Is 620 a Good Credit Score to Rent an Apartment?

Renting an apartment often involves a comprehensive review of a prospective tenant’s financial standing, with credit scores being a primary consideration for landlords. Many individuals wonder about the impact of a 620 credit score when seeking a rental property. While a 620 credit score typically falls into the “fair” category, it does not automatically disqualify an applicant from securing housing. This article aims to clarify what a 620 credit score means in the rental market and offer actionable advice to enhance a rental application.

Landlord Credit Score Expectations

Landlords utilize credit scores to assess a prospective tenant’s financial responsibility and predict consistent, on-time rent payments. A 620 credit score, whether a FICO Score or VantageScore, generally falls within the “fair” or “near prime” range. For FICO Scores, this range is 580 and 669, while for VantageScore, it is between 601 and 660. These scores indicate a moderate level of risk compared to “good” or “excellent” categories.

Many landlords often prefer applicants to have a credit score of 650 or higher, with some even seeking scores of 670 or above. A score in the “good” range for FICO is 670-739, and for VantageScore, it is 661-780. While a 620 score might be below the preferred threshold, it is not insurmountable. The average credit score for U.S. renters was 638 in 2020, suggesting that many individuals successfully rent with similar scores. Expectations can vary significantly based on the rental market’s competitiveness, the type of property, and the individual landlord’s specific policies.

Beyond Your Credit Score

Landlords conduct a holistic review of an applicant, extending beyond the credit score to evaluate overall financial stability and reliability. Income and employment stability are significant factors, with most landlords requiring an applicant’s gross monthly income to be at least three times the monthly rent. This ensures the tenant has sufficient funds to cover housing costs alongside other living expenses. Landlords commonly request proof of income, such as recent pay stubs or tax returns, to verify financial claims.

A positive rental history is another important consideration, demonstrating on-time payments, responsible property care, and no prior evictions. Landlords often contact previous property managers for references to confirm an applicant’s reliability. Additionally, a landlord may consider an applicant’s debt-to-income ratio, as high existing debt could impact their ability to consistently meet rent payments. Background checks for criminal history are also standard procedure and can be a disqualifying factor. In some instances, demonstrating substantial savings or other assets can help mitigate concerns from a borderline credit score.

Strengthening Your Rental Application

Applicants with a 620 credit score can take proactive steps to enhance their rental application and increase their chances of approval:

Secure a co-signer or guarantor who possesses an excellent credit score and stable income. A co-signer assumes legal and financial responsibility for the lease agreement if the primary tenant defaults on rent payments, thereby reducing the landlord’s risk. This can be particularly beneficial for applicants whose credit history is a concern.
Offer a larger security deposit than the standard requirement or prepay a few months’ rent, if permitted by local regulations and financially feasible. This demonstrates a strong commitment and provides the landlord with additional financial assurance.
Provide extensive proof of financial stability. This might include recent bank statements showing healthy savings balances, letters from employers confirming job stability and income, or pay stubs covering a longer period than typically requested.
Composing a concise and honest personal letter of explanation can address past credit challenges. This letter should focus on current financial stability, highlight positive changes, and express a commitment to timely rent payments.
Gather strong references from previous landlords, employers, or even personal acquaintances who can vouch for reliability and character.
Presenting a complete, organized, and timely application, along with maintaining clear and polite communication throughout the process, conveys professionalism and responsibility to the landlord.